Is executive pay an explanation for the credit crisis? What role if any should the government play in reforming executive pay in financial firms? Professors Lucian Bebchuk of Harvard Law School, RenÈ Stulz of Ohio State University, Wayne Guay of the Wharton School and Peter Bofinger of University of W¸rtzburg and the German Council of Economic Experts debate these questions, with Werner Puschra of Friedrich-Ebert-Stiftung moderating this lively discussion.This panel was part of "Governance, Executive Compensation and Excessive Risk in the Financial Services Industry," a conference co-hosted by Friedrich-Ebert-Stiftung and the Sanford C. Bernstein & Co. Center for Leadership and Ethics at Columbia Business School.To learn more about the conference, or to download speaker presentations, visit http://www.gsb.columbia.edu/leadership/may2010